https://www.miningweekly.com

Metro hits fundraising targets

22nd March 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Bauxite developer Metro Mining has raised its targeted A$36.5-million through an entitlement offer, priced at 12.5c a share.

The entitlement offer formed part of a larger A$52-million capital raise to fund the development of the Bauxite Hills mine, in Queensland.

Metro on Wednesday said some 60% of the 292.3-million offered shares had been taken up by eligible shareholders, with the shortfall to be taken up in full by the underwriter, and allocated to sub-underwriters.

The new shares under the entitlement offer will start trading on March 27.

Funds will be used to buy long-lead items and grade control items required for Bauxite Hills, as well as environmental bonding required for the start of early works. The funds will also allow for the completion of a bankable feasibility study and final project approvals and will contribute to the full repayment of bridging loan facilities related to the Gulf Alumina acquisition.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Lilak Aluminium
Lilak Aluminium

For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.052 0.934s - 111pq - 2rq
Subscribe Now